scarcity - unlimited wants a needs but limited resources, factor markets - market where productive resources are bought and sold, product market - market where businees or firms sell products, What, How, For Whom to Produce? - 3 Basic Questions, consumer goods - good such as shoes or and automobile intended for final use by consumers, service - work performed for someone else, economics - study of how people try to satisfy seemingly unlimited and competing wants and needs, good - tangible item, specialization - factors of production perform only tasks they can do better or more efficently than others, want - something we would like to have, factors of production - resources required to produce the things we would like to have, gross domestic product - monetary value of all the final goods and services produced in a country in a single year, labor - people with all their efforts, abilities, and skills, capital - tools, equipment, machinery used in the production of goods, production curve - represents all of the various combination of output, opportunity cost - next best alernative given up when you make a choice, consumerism - movement to education buyers about their rights, trade-off - alternative choices that are given up in favor of the choice we select, productivity - measure of the maount of goods and services produced with a given amount of resources in a specific time period, division of labor - each worker or work group comples a separate part of an overall task,

EPF- Chapter 1

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